The Rules Regarding Registered Agents In Illinois
The creation of a limited liability company, in any state, often requires the use of a registered agent. This is an individual, or it could be a company, that serves a very specific purpose. In general, these entities are the ones that will receive paperwork that will come to your business. They must have a physical address, phone number, and must be available throughout most of the year. In the state of Illinois, corporations and LLCs cannot act as their own registered agent, which mandates the appointment of one which can cost you money. There are other rules regarding registered agents in the state of Illinois that you should be aware of before you decide to create your Illinois LLC.
What Does It A Registered Agent Do?
In the state of Illinois, a registered agent can be a person. They must be 18 years or older, and they must have a physical address of some sort. It is also required that, during business hours, that they are available for activities pertaining to this role. Their primary function is for legal or governmental purposes. They can also be used on behalf of the taxing authority when corresponding regarding these fees. They may be responsible for receiving a summons for a court date, notices regarding taxes, and also regulatory changes that must be presented to the owner of the LLC.
Do You Need To Have One When Setting Up An LLC?
The necessity of appointing a registered agent differs from state to state. It is also different in the District of Columbia. In regard to the state of Illinois, you are required to have one registered agent for the business that the LLC is representative of. On the other hand, you may have more than one registered agent if you have a business that extends into different states. Each state must have one registered agent for your business. That’s why you may want to work with a business that also has multiple locations so that there one company, albeit with different physical addresses, can represent your LLC that is doing business in different states.
How Does This Apply To Setting Up An LLC?
First of all, you must determine what type of company that you have. It typically begins with choosing the proper name. When you do a search for other businesses in Illinois, your name should not be found in the database. If it is, that would mean that another company has already registered it and you would not be able to use it. It is highly recommended that you choose something that is not easily confused with other businesses that sounds similar. Other designations that need to be made include whether or not your business is a foreign corporation or a domestic company. As long as you have your LLC, your registered agent must be registered within the state of Illinois for them to be legitimate.
Why You Need A Registered Agent For Your Illinois LLC
One of the main reasons for having a registered agent is simply because that’s part of the rules. If you break the rules, you can face consequences. One of those consequences would be the immediate dissolving of your LLC. You would literally forfeit the formation of your business, and this is true in most states, even for those that have multiple locations. Therefore, you need to have one available, with regular business hours, and a physical location that is verifiable. If you can do this, they can then be used for legal, tax-related, and other purposes that are mandated for those that have limited liability companies.
How Long Must You Retain A Registered Agent?
The short answer to this question is that you must always have a registered agent as long as your LLC is in existence. Since it is part of the formation of the limited liability company, if it is not there any longer, you must either replace it or dissolve your business.
How To Find A Registered Agent In Illinois
Locating a registered agent is the easy part. First of all, you will see many advertisements for businesses that are offering this type of service. There are literally hundreds of them, and many of these companies have locations in multiple states. This is perfect for businesses that have expanded into different territories. For example, you may have a business that has multiple stores, in states across the United States, and each one will have a registered agent from the same business. This makes it easier to keep track of whether or not you have a registered agent.
If you are ready to form your LLC, work with a company that can connect you with legitimately registered agent. Remember that you must have one if you are going to form your limited liability company. It takes some time, but you could do it yourself. That’s why you may want to work with a third-party provider that will not only form your limited liability company for you but will also provide the registered agent at the same time. This simply makes it convenient, and much easier, when you are creating your LLC for legal purposes.